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“Bitcoin Law” may be voted on this Tuesday by the Senate; see how it changes the crypto market – Money Times

Expectation: Bitcoin Law aims to give investors more security, says Senator Flávio Arns (Image: Waldemir Barreto/Agência Senado)

The Federal Senate included in the agenda of this Tuesday (12) the vote of the “Bitcoin Law”. ANDAlthough the Bill is scheduled for voting, it is not guaranteed that it will be voted on.

The proposal was approved in the Chamber of Deputies in December 2021, and subsequently forwarded as a bill to the Senate for review. THE Committee on Economic Affairs (CAE) Senate approved the bill in February.

The collegiate accepted the replacement of Senator Irajá (PSD-TO) to three matters presented by Senators Flávio Arns (Pode-PR), Soraya Thronicke (PSL-MS) and Styvenson Valentim (Pode-RN).

If the Senate approves the text, the project will go to the Plenary of Chamber of Deputies and, if approved, for sanction by the President of the Republic, Jair Bolsonaro.

What is the “Bitcoin Law”?

The text deals with points of regulation of cryptocurrencies in Brazil. Among the main ones are the definition of a body responsible for the regulation of cryptoassets and the establishment of greater penalties for crimes with crypto. Check out:

  • The Executive Branch was given the responsibility to define which bodies should regulate and supervise cryptocurrency business;
  • The substitute provides for zeroing the rates of certain taxes owed by legal entities;
  • The opinion includes in the financial crimes law (Law 7,492, of 1986) the provision of virtual asset services without prior authorization. The prescribed penalty is imprisonment from one to four years and a fine;
  • The text also inserts in the Penal Code (Decree-Law 2,848, of 1940) fraud in the provision of services of virtual assets.

What can change with the “Bitcoin Law”?

In a recent interview with the Crypto Times, Senator Flávio Arns (Podemos) highlighted some points of the bill (check out the full interview here).

According to Arns, the “Bitcoin Law” has 3 objectives. The first objective is to “give security to the virtual assets market”; the second, “protecting the economic-financial order”, and the third, “protecting the Brazilian investor”.

For the senator, the bill does not seek to be an impediment, but rather “will bring greater confidence to investors and, consequently, will bring greater stability to companies operating in this segment”.

He says that the most urgent part of the text is to define a state body or entity responsible for regulating and supervising the crypto-asset market is an urgent and fundamental measure. For him, that body will probably be the Central Bank of Brazil.

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